MONTICELLOAM announced the financing of a $115 million senior bridge loan for a portfolio of assisted living and memory care communities in Long Island, New York. The portfolio comprises four communities built between 1959 and 1974 with 567 units across 26.21 acres. 

A repeat MONTICELLOAM client, the sponsorship group, downstate New York owner/operator/private investor Berry Weiss, utilized proceeds from the financing to acquire the communities and plans to improve operations by expanding the services offered across 1,000 beds. The transaction carries a 36-month initial term with two six-month extension options. 

Senior Living Investment Brokerage handled the sale of the portfolio in January, in which the communities were divested by a non-listed REIT focused on seniors housing properties throughout the U.S. There was a national marketing effort that procured a significant number of qualified offers, with the deal closing roughly 60 days after the LOI was accepted. Jason Punzel, Dave Balow and Brad Goodsell handled the transaction on behalf of SLIB.